Both apartments have cottage cheese ceilings (not sure about past asbestos testing).

For even more accuracy, we choose to only use comps that are 1/3 mile away or less, with sales dates within the last six months.Sometimes, even the street can make a difference in the value of a property.If the only comps you have are on very nice streets, but the house you’re considering is on a very “distressed” street, then you have to reduce the ARV.How much is an appropriate reduction is a judgment call on your part.You’ll want to base that call on how much of a discount will be necessary to entice the final owner/occupant to buy this property over one they can get on the “better” street.If the comparable sale that you are using is too different from the subject property, then it is of little value.If you use it in your sales marketing, you’ll lose credibility with your Investor Buyers.An example of a poor comparable is when your subject property is an old cottage fixer-upper, and you compare it to the sale of a brand new in-fill (an in-fill is a new house built on a vacant lot in an otherwise established neighborhood).Rehab dollars vary according to level and detail of the job – everyone has a different formula.As a wholesaler, we suggest a middle-of-the-road approach for estimating enough rehab dollars to get the subject property to look like the comps.You’ll need to spend more on rehab as the ARV increases.Logically,buyers like more ‘pretty-ness’, higher-end fixtures, cabinets, etc. when they’re paying $200,000 vs. when they’re only paying $100,000 for a house.Buy/Sell/Hold costs are all of the costs associated with:üThe purchase (loan origination fees, title insurance, attorney fees, survey, appraisals, etc);üThe sale (real estate agent commissions, marketing and advertising, closing costs paid by the Seller); and üHolding the property (mortgage interest, utilities, taxes, insurance, etc.).

Introduce yourself to every realtor in your area and give them a flyer , host a wine and cheese for them to view the prioerty and point blank ask them what they would do to sell the property. 

Yes, the cheese is moving, however we get MORE than we pay for with CL.

I'm sure I'm not the first one to try this, but I haven't come across many others doing it.Back in January I bought a house and cottage for $32,000.

Not the $10,000.So, you're self-employed in order to determine your debt to income, a loan officer cheese will add up two years of income and divided by 24 months to calculate your monthly income.  

In general I like the area and always have, plus who couldn't love cheese curds and Spotted Cow!

Find some ancient cottages and start mail-blasting the owners.

That being said, I believe most of the time that conventional loans cover 1-4 family dwellings which has historically included those with mother-in-law cottages (kind of like what you are describing).The big thing to keep in mind is that lending rules are constantly in flux.  

They are out-of-state owners and what to sell their cottage.